Are you sure?

Corporate lending of Hungarian banks up in November

The corporate lending stock of Hungarian banks was up in November from the previous month as companies were net borrowers and revaluations increased lending stocks, recent data from the National Bank of Hungary (MNB) show, according to Hungarian news agency MTI.

Corporate lending stock of the banks was up HUF 127.5 billion at HUF 6.0625 trillion according to non-adjusted data. Net borrowing came to HUF 113.5 bln, while revaluations and other changes increased lending stock by HUF 13.8 bln.

The stock of forint loans grew by HUF 84.6 bln and that of foreign currency loans by HUF 28.7 bln because of transactions. Revaluations decreased the forint loan stock by HUF 3 bln but increased the FX loan stock by HUF 16.4 bln.

Holdings by credit institutions of bonds issued by non-financial corporations increased by HUF 0.2 bln due to transactions and by HUF 0.4 bln due to revaluations, bringing the stock of bonds to HUF 81.5 bln.

Corporate deposits meanwhile jumped by HUF 295.7 bln to HUF 6.2345 tln in November. Deposits were up due to transactions by HUF 278.9 bln and revaluations increased the stock by a further HUF 16.7 bln.

According to MNB there were net inflows of HUF 330.7 bln into forint deposits and net outflows of HUF 51.9 bln from foreign currency deposits.

The euro strengthened around 0.57% against the forint between the end of October 2016 and the end of November 2016, calculating with the central bankʼs daily fixing.